So, we can all relax a little. But only a little! After that dream-crushing 17 percent rent spike in February, a new MNS real estate report indicates that average rents in the neighborhood evened out over the past month, dropping down 12 percent from what was deemed an “abnormal” high.
Pretty good news, right? Well, kind of. Even if they aren’t rising at quite as rapid a clip as it seemed, area rents are still going up both quickly and steadily. The spike, reportedly, was largely related to the opening of expensive new rentals at 949 Willoughby Ave, which temporarily inflated average rents. Other rentals continued to open up in March, but at a lower price point, according to MNS CEO Andrew Barrocas.
“Rent’s still higher [in Bushwick] than it was before and it’s going to go even higher,” Barrocas told DNAinfo. “In the next 12-24 months you’re going to see a continued increase in the Bushwick market, especially as prices in areas like Williamsburg and East Williamsburg go up, and it causes a ripple effect.” Disheartening, sure, but also not anything too new. Until further notice, people will continue paying totally inappropriate amounts of money for lofts, and landlords will continue charging them.
Follow Virginia K. Smith on Twitter @vksmith.